Swiss National Bank rate expectations · priced as of 12 November 2026 · free data
Will the SNB cut or hike at its next meeting?
The market has a evenly split on: 25bp hike (51.8%) at the Swiss National Bank's next meeting on 10 December 2026.
Reading of 12 Nov, 07:12 London
SNB watch: Swiss National Bank rate probabilities, meeting by meeting
What is priced at the next decision, and the split at every meeting for the next twelve months.
Swiss National Bank
Exchange-traded futures, WatchTower model
| Meeting | Implied rate | vs now | Cut | Hold | Hike | Priced |
|---|---|---|---|---|---|---|
| 10 Dec 26 | 0.13% | +13bp | · | 48.2% | 51.8% | Hike 51.8% |
| 18 Mar 27 | 0.29% | +29bp | · | 35.5% | 64.5% | Hike 64.5% |
| 24 Jun 27 | 0.43% | +43bp | · | 44.8% | 55.2% | Hike 55.2% |
| 23 Sept 27 | 0.51% | +51bp | · | 65.8% | 34.2% | Hold 65.8% |
Implied rate is where the market prices the policy rate after each meeting, for the next twelve months. The split is for that meeting alone, from the step priced since the meeting before, in 25bp moves. Derived from Exchange-traded futures, WatchTower model.
Preview of the 10 December 2026 meeting · Every 2027 meeting date · The 2027 rate outlook
What it is built from
Where this number comes from, and what it cannot tell you.
The SNB meets quarterly rather than every six weeks, so a single meeting carries more of the year than at other banks and the gap between meetings leaves long stretches with nothing new priced. It also intervenes in the franc directly, which policy rate expectations do not capture.
A market-implied probability is not a forecast. It is the step the market has priced between one meeting and the next, divided by the size of a policy step. It says what has been paid for, not what will happen, and it moves whenever the curve does.
SNB rate expectations, answered.
When is the next SNB meeting?
Swiss National Bank meets next on 10 December 2026. That is 28 days away.
What is SNB expected to do at the next meeting?
The market has a evenly split on: 25bp hike (51.8%) at the Swiss National Bank's next meeting on 10 December 2026. This is read from Exchange-traded futures, WatchTower model, and it is what the market expects rather than a forecast of our own.
What is the current SNB policy rate?
0.00%, as of 12 November 2026.
What is this figure derived from?
Exchange-traded futures, WatchTower model The SNB meets quarterly rather than every six weeks, so a single meeting carries more of the year than at other banks and the gap between meetings leaves long stretches with nothing new priced. It also intervenes in the franc directly, which policy rate expectations do not capture.
The other banks